Abstract: The energy consumption "dual control" policy is an important instrument for promoting the low-carbon transformation of industrial structures. Under the guidance of the "dual carbon" goals, it is shifting from controlling energy consumption to controlling carbon emissions. Based on a sample of 98 A-share listed power companies in Shanghai and Shenzhen from 2013 to 2023, this study empirically examines the impact of the "dual control" policy on the environmental performance of power enterprises. The results show that the "dual control" policy has a positive effect on the environmental performance of power enterprises. Further analysis reveals that green investment plays a mediating role between the "dual control" policy and environmental performance. Heterogeneity analysis indicates that while the target of total energy consumption has a similar positive effect on the environmental performance of both state-owned and non-state-owned power enterprises, the restraining effect of target energy intensity is more significant for non-state-owned enterprises. Moreover, the "dual control" policy exerts a more pronounced positive effect on the environmental performance of power generation enterprises. The findings provide micro-level evidence and policy implications for further leveraging the “dual control” policy to promote the green development of the power industry and to design a more scientific carbon emission "dual control" system.